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Should I borrow a Loan From a Bank to Start My Business
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[QUOTE="blessingc, post: 239431, member: 73446"] Before you start a business, you should plan well and not build your business on debt, less it becomes hard to pay back. The capital of a business should be a personal income. A money you raised or saved for the purpose of starting up your business. Borrowing money for your business is not the best how much more taking a loan from the bank with a collateral, when you don't know what the progress of the business will be. To be eligible to collect bank loans, your business must be consistently profitable, which disqualifies the majority of startups, because the bank cannot give you loan when they don't know the strength or ability of your business to oay back the loan. The process of taking loan from the bank is complicated and stressful, you will be required to fill out excessive paperwork, and the terms of interest will be quite complicated. The process will not be quick either, often, it takes several months to qualify and obtain capital from a bank. You need a good collateral to be able to take loans from the bank, no bank will give you loan without a collateral, they need to protect themselves in the case that you can’t make your payments. [/QUOTE]
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